Ex Tyco CEO hospitalized with heart problems

ChadBray

(This article was originally published Wednesday)

NEW YORK (MarketWatch) -- L. Dennis Kozlowski, the jailed former chief executive of Tyco International Ltd. (TYC), has been hospitalized after suffering heart problems, a person familiar with the matter said Wednesday.

Kozlowski's heart issues have been "addressed" and he is expected to be out of the hospital in the next few days, the person said. The person later went on to say that Kozlowski had surgery to have stents inserted to stop an arterial blockage and was recovering, but was unclear how the heart problems surfaced.

Linda Foglia, a spokeswoman for the New York Department of Correctional Services, confirmed Wednesday that Kozlowski was "presently at an outside hospital," but declined to comment on his health, citing state prisons policy.

Kozlowski, 60 years old, was sentenced to 8 1/3 years to 25 years in prison in 2005 after he and former Tyco Chief Financial Officer Mark H. Swartz were convicted last year of systematically looting the Bermuda conglomerate. They are appealing those sentences.

He is serving his prison term at Midstate Correctional Facility in Marcy, N.Y., about 52 miles outside of Syracuse, N.Y.

In June 2005, a jury convicted Kozlowski and Swartz, 46 years old, of 22 of 23 counts each, including grand larceny, conspiracy and securities fraud, in connection with giant bonuses and other improper compensation they received while working as Tyco's top executives. Their convictions followed a mistrial in the case in 2004.

Tyco, which has its headquarters in Bermuda, operates out of West Windsor, N.J.

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